Young & Rubicam
's long-awaited stock offering got a good reception from investors as it began trading on the New York Stock Exchange May 12. The stock opened at $28.06 per share -- far higher than the company's initial price of $25 per share or previous estimates of $21 to $24 per share. The reception was partly due to the company's improved balance sheet, which showed an increase in revenue during the first quarter to $348 million, up 20% from the same period in 1997. Y&R
has come out ahead in several large global account consolidations lately.